Possible bullish wolf pattern for GBP/JPY I think that the retracement is not yet quite finished and suspect that the market will retrace to the 61.8 % Fibo level, at least. If price reverses at around the 61.8% Fibo level, then wait for price to close above 149.26 to target 152.42ish which is the diagonal extension from leg 1 to 4. I have stops placed in...
USD/JPY Day Trade Ideas An aggressive entry could be attempted by entering the market just above leg D. Target: 112.413 (trend line cross over level) S/L: 111.94 (or x pips below the PP level) Long 2: Entry: 112.50 Target 1: 112.868 (leg C) Target 2: 113.089 (leg D) S/L: 112.328 If price closes above 112.868, thus targeting 113.089, adjust S/L to...
GBP/JPY A scenario if a bullish head and shoulders pattern would emerge. If the top of the gap from yesterday would become support, try longs targeting 157.485 which is the extension of the initial bullish rally labelled AB. Stops go below the gap at 151.132. Scenario 2: Price reverses at the neck line then enter long once price closes above 150.67,...
EUR/USD Bearish head & shoulders pattern. If price does not manage to close above last nights gap then I expect further bearish pressure. Enter once price has closed below 1.1809 Target 1: 1.1709 (61.8% Fib level) Target 2: 1.656 S/L: 1.1874 Happy trading
GBP/JPY The 'Dragon' has broken this pennant. Enter either at a re-test of the break out level (152.406) or jump right in the action - as one never knows quite how this pair will behave. Target: 154.16 = ABCD extension S/L: 151.68 Happy trading
Bearish Crab I think this pattern will re-test the 111.03 - 110.84 level and perhaps create a bullish double bottom, should the 110.84 level hold. As always with harmonic patterns, scale out your profits on your way down. First short: Entry below 112.226 T/P 111.760 S/L 112.48/50 Second short: Entry below 111.76 T/P 1: 111.70 (Point A) T/P 2: 110.84 (Point...
USD/JPY Bullish: Scenario 2 If TRIX indicator crosses above it's zero line and price holds above the 50SMA or the trend line cross over level, then try long. Target 1: 113.90 Target 2: 114.74 Stop/ Loss: 110.810 If price closes above 114.74, then one can start targeting 118.86 which is the extension of the initial rally, obviously scaling targets as price...
USD/JPY Bearish Scenario 1: Double Top If price gets rejected at 112.718/20, try shorting till 110.840 with stops above 112.99 which is where the 200SMA is. If price closes below 110.80 target 108.97 - bottom of double top column extension. Place stops above 111.44 Should price rally that far down, then I suspect the GAP below at 107.84 will be closed....
USD/JPY Bearish Scenario 1: Double Top If price gets rejected at 112.718/20, try shorting till 110.840 with stops above 112.99 which is where the 200SMA is. If price closes below 110.80 target 108.97 - bottom of double top column extension. Place stops above 111.44 Should price rally that far down, then I suspect the GAP below at 107.84 will be closed, too....
Gap USD/JPY. I almost missed this gap entirely - a drawback when focusing almost only on daily and weekly time frames. Nonetheless, this gap is obviously of some significance because if price closes and holds above it - after closing it - then price can rally to the upside, and looking at the current oversold situation of the USD/JPY pair, a bullish rally at...
Bullish outlook for USD/JPY. As price is being squeezed into the wedge formed by the Bat's A to C upper trend line and the Max Butterfly's X to C lower trend line, a breakout is soon to occur. I firmly believe that price will be bullish throughout next year, especially with the difference in interest rate between the two currencies. Leg C of the bearish...
Price closed above the low of 28.11.2016 last Friday, almost exactly one year ago. This level is also at the 38.2% Fibo retracement level, adding more significance to that level. Further on, price was at overbought levels on the RSI and Stochastic indicators last year at this same level two weeks prior to the USD interest rate decision; this time around two...
Bullish trend continuation for the EUR/USD pair seems inevitable now. Obviously a correction stands before us, however, there are a few critical levels that need to be held and other broken. If price closes significantly below the trend line cross over level, roughly at 1.1820, then this would probably end the bullish rally of the EUR/USD. If price holds and...
This is a bullish projection for EUR/USD. Key to this move is for price to break above 1.1861, from there target 1.20/22 If price gets rejected at 1.1861 then I project a re-test of 1.1790. Also a major factor in determining direction is the German coalition talks, so keep up to date with those headlines. Happy trading
Possible bullish H&S pattern. If price above 112.200 and eventually closes above 112.717 target 113.50/5. As this pattern is still in the making I cannot yet recommend adequate entry points or stop loss levels. Just keep an eye on price at the above mentioned levels before going long. Happy trading
Enter a long trade once price has closed above 1.3312. Target 1.4100 directly, or scale out your profits along the way. Place stops below 1.3160, or below the 10SMA, blue line. Beware, this pair could still see plenty of volatility this week with all the GBP related economic news to be released; however, once it closes above 1.3312 I believe it will be a...
The EUR/USD pair is almost certainly forming a bearish 2618 trade setup. Price has broken the double bottom at 1.662 and is just inches away from touching the 61.8% Fibo retracement level above. Given the two speeches by Mario Draghi tomorrow, and the release of the minutes from the last FOMC meeting on Wednesday, could cause this pair to form the 2618 bearish...
Mega price wedge for USD/JPY. I have drawn two bottom trend lines: the green bottom trend line is drawn from the the low after price broke out of it's consolidation range in Dec, 2012 to the low of Jun, 2016. The blue bottom trend line is drawn from the low where the 200SMA and EMA crossed to the low of Jun, 2016 as well. When the two bottom trend lines...